THE WHAT? Minimalist beauty brand Merit has announced a US$20 million Series A funding round led by L Catterton. Macy Venture Partners and Sonoma Brands also participated in the round.
THE DETAILS The investment will accelerate Merit’s rapid expansion into an omni-channel, cross-category beauty brand, enabling the brand to continue to grow its color cosmetics collection and expand into new categories.
In addition, L Catterton Vice President, Courtney Nelson is joining Merit’s Board of Directors.
THE WHY? The transaction underscores consumer interest in the simplification of beauty routines and strong investor confidence in Merit’s success. “Our customer is a discerning individual who is selective about the brands and products they welcome into their life. At MERIT, we aim to serve our consumer in many aspects of their beauty and self-care routines,” says MERIT founder and CEO Katherine Power. “Our team is looking forward to collaborating with L Catterton and our other partners as we leverage their collective expertise scaling consumer brands to support the development of new products within and beyond clean color.”